Annual IRS Limits Applicable to Defined Contribution Plans
Contribution Limits:
| Calendar Year Plan Limits: | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| 401(k) & Roth 401(k) Contribution Limit: | $23,000 | $22,500 | $20,500 | $19,500 |
| Catch-up Contribution Limit: 401(k) & Roth 401(k): | $7,500 | $7,500 | $6,500 | $6,500 |
| 403(b) & Roth 403(b) Contribution Limit: | $23,000 | $22,500 | $20,500 | $19,500 |
| Catch-up Contribution Limit: 403(b) & Roth 403(b): | $7,500 | $7,500 | $6,500 | $6,500 |
| 457 Plans Maximum Contribution limit: | $23,000 | $22,500 | $20,500 | $19,500 |
| Catch-up Contribution Limit (Governmental Plans only): | $7,500 | $7,500 | $6,500 | $6,500 |
| Defined Contribution Plan Contribution Limit (Not Including Catch-up): | $69,000 | $66,000 | $61,000 | $58,000 |
Compensation Limits:
| Calendar Year Plan Limits: | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Defined Contribution Eligible Compensation limit: | $345,000 | $330,000 | $305,000 | $290,000 |
| Highly Compensated Employees threshold: * | $155,000 | $150,000 | $135,000 | $130,000 |
| Social Security Covered Compensation (Taxable Wage Base): | $168,600 | $160,200 | $147,000 | $142,800 |
* Highly Compensated Employee determination is based on the look back year.
Key Employee Determination:
| Calendar Year Plan Limits: | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Officer Compensation Limit Determination: | $220,000 | $215,000 | $200,000 | $185,000 |
| 1% Owner Compensation Limit Determination: | $150,000 | $150,000 | $150,000 | $150,000 |
